An effective and motivated sales force is key to driving insurance revenue, and insurers invest substantial sums in efforts to enhance agent productivity. However, returns on these expenditures are often unclear. There is a wide variety of options available: new training programs, altered incentive plans, enhanced support services, new productivity tools, and many others. How can insurers accurately measure the ROI on these initiatives and confidently invest in only the most profitable programs?
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APT’s Test & Learn™ management system is used to accurately answer questions about the impact of a wide array of distribution initiatives, such as:
- What is the incremental impact of changing producer compensation? Can I drive significantly more profits by shifting more incentives towards front-end compensation (or vice versa)?
- How effective is this new training program? Do responses vary significantly by agents with different characteristics (e.g. new vs. veteran agents) that can help inform a targeted rollout of the program?
- Do new support services and tools actually drive incremental sales from our field force? Do the new tools drive sufficient profits to justify subsidies for certain agent segments?
- What is the impact of different agent recruitment and retention campaigns? What is the net impact of each campaign on overall company profitability?